The LME fell and jumped after China is considering approving the issuance of more than 10 trillion yuan ($1.4 trillion) of additional debt over the next few years to revive its fragile economy next week.
Three-month copper on the London Metal Exchange (LME) CMCU3 was little changed at $9,531.50 a tonne, having earlier gained as much as 1.3%.
U.S. Comex copper futures HGc1 rose 0.4% to $4.35 a lb.
"The market has been waiting for the announcement of the fiscal stimulus package and it looks like it's a big number. That raises hopes and helps improve market sentiment," said Amelia Xiao Fu, head of commodity market strategy at Bank of China International.
The package includes 6 trillion yuan to address local government debt risks and 4 trillion for purchasing idle land and real estate.
“I don’t think anyone knows the exact numbers, but if they announce a big package, then maybe that would be a sign of their real determination to support the economy,” Fu said.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 fell 0.2 percent to 76,500 yuan ($10,711.14) a tonne.
The package is expected to be approved by China's top legislature on the final day of its meeting, which will be held from November 4 to 8.
Copper demand has been hit by slowing global growth, particularly in China, although some consumption sectors remain strong, such as solar and wind power.
"While people are still talking about a copper concentrate shortage next year, it's still a global overcapacity problem. Demand will slow down in the long term," said one trader, who sees a potential peak in 2025 of $10,500.
Among other metals, LME aluminium CMAL3 rose 0.5% to $2,658.50 a tonne while zinc CMZN3 fell 1.1% to $3,105, nickel CMNI3 fell 0.8% to $15,880, lead CMPB3 fell 1.5% to $1,999.50 and tin CMSN3 fell 0.7% to $31,225.
Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-30-10-tang-tro-lai.html
Comment (0)